Ulta Beauty shares soar on raised outlook; analysts turn positive

Shares of cosmetics seller Ulta Beauty ULTA.O up 8.3% at $456.80 in premarket trading

Co raised its annual profit forecast after beating quarterly results on Thursday

Canaccord Genuity raised its PT to street high of $542 from $510

Brokerage is optimistic about co’s “Unleashed” strategy, crediting its strong performance and raised outlook to exclusive brand launches and digital investments that helped it outperform competitors

"We expect Ulta to launch more health & wellness offerings and their marketplace platform to help with accretive opportunities" - brokerage

At least 4 brokerages increased their PT post the results

Co now expects annual profit to be in the range of $22.65 to $23.20 per share, vs prior forecast of $22.50 to $22.90 per share

Analysts' average rating is equivalent of "hold"; median PT $432 - data compiled by LSEG

As of last close, shares down ~3% YTD